(Z1) Gains Considered Corrective

• RES 4: 4420.80 1.382 proj of the Jul 19 - Sep 6 - Oct 6 price swing
• RES 3: 4409.50 High Nov 18 and the bull trigger
• RES 2: 4304.50 Nov 24 high and a key short-term resistance
• RES 1: 4186.00/4206.60 High Dec 1 / 50-day EMA
• PRICE: 4164.50 @ 05:53 GMT Dec 7
• SUP 1: 4053.50/995.00 Low Dec 3 / Low Nov 30
• SUP 2: 3949.50 Low Oct 6 and bear trigger
• SUP 3: 3882.00 Low Jul 19
• SUP 4: 3844.00 Low May 13 (cont)

EUROSTOXX 50 futures are firmer but remain inside the recent range. Trend conditions remain bearish following the recent sharp sell-off that resulted in a breach of the 50-day EMA. A resumption of weakness would open 3949.50 Oct 6 low. This is an important support and a break would strengthen the bearish theme. On the upside, initial resistance is at 4186.00, the Dec 1 high ahead of the 50-day EMA at 4206.60. Gains are considered corrective.